Monero (XMR) is one of the best-known privacy coins in the market. Created to address the perceived problems of other cryptocurrencies, most notably pseudonymity, it forked from a similar coin called Bytecoin (BCN) after the latter suffered some reputational hits. Taking Bytecoin’s powerful privacy-oriented open-source application layer protocol, Monero also added ring signatures, ring confidential transactions (RCT), and stealth address technologies. All of these combined made for an almost perfectly anonymous and secure cryptocurrency.
Its coin, XMR, is highly sought after by anyone who wants to keep their identity secret beyond what other cryptocurrencies offer. However, Monero also keeps the transaction itself a secret—the amount and its destination are equally well-protected. Although it offers advanced privacy features, using Monero is not limited to tech-savvy people. Even its basic privacy features are vastly more advanced than those of many other cryptocurrencies.
How to Buy Monero in 2023
Buying XMR in 2021 is not very difficult—many exchanges listed the coin a long time ago. Still, finding the best exchange for your own needs can be a little daunting, so here, we list our top five picks with a list of their pros and cons. Once you’ve made it to the bottom of the list, you’re very likely to have a much better idea of where you can get your XMR!
Binance. Binance is the biggest cryptocurrency exchange by 24-hour trading volume, and it has the largest XMR markets. With its specific ease of access and beginner-friendly tutorials but a professional interface, it is an excellent place to start learning how to trade like a pro. Their fees are on the lower end, and they’re accessible through various devices—from browsers to apps. You will be able to trade Monero against cryptocurrencies such as ETH, USDT, BTC, BNB, and BUSD and buy it using fiat currencies.
Kraken. Kraken is another beginner-friendly platform, and here you can choose the complexity of the trades you’re making. Their security is also one of their biggest selling points—this also means, however, that you will have to go through their KYC process before you can start trading. Still, it’s worth it: Kraken is one of the few crypto exchanges that has never been hacked, and it complies with all the regulations of each jurisdiction it is available in. You can buy XMR here using BTC as your only crypto option, but if you’d rather go with fiat, you can choose between USD and EUR—all with meager trading fees.
KuCoin. Another huge crypto exchange that is available almost globally (with very few exceptions), KuCoin boasts both a widespread of altcoins and many fiat payment options. If you’re an experienced trader, KuCoin also offers tools like margin trading and staking so that you can try your hand at these here. For those who take their security seriously, KuCoin has very advanced security measures in place, as well as non-custodial trading. You can trade XMR with BTC, ETH, and USDT here, as well as buy it with any supported fiat options.
HitBTC. This exchange requires a little more experience when trading, as its interface can be a little confusing for newcomers. There is also no forced KYC, which means that traders who value their privacy above all else will feel at home here. On the other hand, the exchange is not regulated, which is its own matter that some may consider a drawback. Either way, the fees are low and the choice of altcoins high, which means you can trade XMR against cryptos like BTC, ETH, USDT, DAI, TUSD, EURS, EOS, and BCH, as well as many others.
OKEx. Circling back to beginner-friendly exchanges, OKEx boasts a practical, easy-to-use design that requires little to no beforehand knowledge. OKEx also has extra security options, a myriad of finance options, and very low fees, along with features like margin trading and futures. It is also one of the biggest exchanges by trading volume, meaning it has excellent liquidity if you want to trade large volumes. For Monero itself, you can trade it against BTC, ETH, and USDT.
These five exchanges cover the most experience levels, array of financial instruments, and payment options. One of them is bound to work for you—but you may likely be undecided between two or more. To make up your mind, try reading our reviews linked above and familiarizing yourself with each exchange until you can decide!